DIRECTOR SHAREHOLDING

GRANT UNDER THE EXEL PLC EXECUTIVE SHARE OPTION SCHEME 2001 AND AWARD UNDER THE
COMPANY'S LONG TERM INCENTIVE PLAN

Pursuant to the Rules of the Exel plc Executive Share Option Scheme 2001, the
following options over the Company's ordinary shares were granted on 11 March
2003 at the mid-market closing price on 10 March 2003 of 537.5p per share to
the executive Directors of the Company:

J M Allan         104,186

J B Coghlan       60,465

B A Edwards       54,860

M P Fountain      59,273

D E Riddle        37,767

I R Smith         53,023

Pursuant to the Rules of the Company's Long Term Incentive Plan (LTIP), the
following awards of ordinary shares in the Company were made on 10 March 2003
to the executive Directors of the Company:

J M Allan         104,186

J B Coghlan       60,465

B A Edwards       54,860

M P Fountain      59,273

D E Riddle        37,767

I R Smith         53,023

The mid-market closing price on 10 March 2003 was 537.5p.

Doug Evans

Company Secretary

Telephone: 01344 744453

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